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Following new UK Chancellor Kwasi Kwarteng’s tax give-away (designed primarily to benefit corporate interests – in particular the banking sector) the pound has fallen to a 50 year record low against the dollar as markets react accordingly.
In early Asia trade, sterling fell close to $1.03 before regaining some ground to stand at about $1.07 on Monday morning, UK time.
The euro also touched a fresh 20-year-low against the dollar amid investor concerns about the risk of recession as winter approaches with no sign of an end to the energy crisis or the war in Ukraine.
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